Bitcoin Forum

Hello guys

Who are trading on bitfinex i have a question


Is bitfinex safe for trading?

Bitfinex is one the notable trading platforms although they had a hacking incident some time ago which they have over come and have plugged the loophole where the attack emanates from. They are good .

They had a hack a while ago, but they reimbursed the users using a Bitfinex token.

Currently, there are also concerns about where the USDT which is being used on their platform is coming from.  A lot of new USDT is appearing and going to their platform recently, which makes it possible (not certain) that they are using all this freshly created money in order to manipulate the BTC market.

They also don't accept customers in the US and have unverified accounts, which leaves them open to a BTC-e style "let's just destroy your exchange now" sort of thing with the US government.

Around $66 million worth of bitcoin were hacked from bitfinex account just last year and they merely get out of bankruptcy and now you want to trust them again. Read this https://www.coindesk.com/bitfinex-bitcoin-hack-know-dont-know/

I will prefer coinbase and bitstamp over bitfinex. 

Basically no exchange out there no matter
how reputable they are, will always be
susceptible to hacks and system penetrations.

and bitfinex was hacked last year for around
$66 million worth of bitcoin.

Without exchange cannot trade cryptocurrencies. Indeed, I have heard many reports about the hacking of accounts on the exchanges but that does not mean that it is impossible to use them. You need to know about it and don't store your coins on the exchange. Transferred exchanged and brought back. At the same time, two people are unable to log in.

some time ago there was bad news about bitfinex it all made the user's confidence slightly decreased .. for my security there is not a perfect one there is always a bug gap in the internet world .. if you hesitate to trade in bitfinex you can trade other because there are still many out there besides bitfinex for where you trade your assets ... I trade in many places like coinbase and cryptopia

If you're referring to the supposed hack they say they suffered from, then we're definitely not talking about people's confidence to have "slightly" dropped ~ nearly the entire community was pissed off, and rightfully so.

There are so many exchanges out there to trade at, but yet people choose to go with Bitfinex. I get it that they are the market leader in terms of USD trading, but does that really mean you should forget everything? Definitely not.

Them having paid people back doesn't change anything in that regard. People have been compensated based on the fiat value at the time of the 'hack', which is quite a bummer for all affected people.

yup .. I also heard about the replacement they have given .. it's just that I regret a big trade like bitfinex until it can dihack .. it will certainly slightly reduce the trust by many people ..

and you might find out in small-business news can have a big effect. although the news is not necessarily true  ;D

I used to trade there before the hack last year. I’d say it isn’t safe at all. The 6-month lack of banking, the unexplained hack, the Tether FUD, a shady history with people like Phil Potter saying they trade on the exchange (against customers)..... and they left the US market, but they served it for 4 years without licenses. That could still get them in trouble down the road.

If you like holding paper instead of USD (Tether) go ahead - use bittfinex.
It may be okay if you are planning your exit in BTC sometime in coming months but keep in mind that whole Tether thing smells kinda bad and bitfinex will go down with Tether in case something go wrong.

So answering your question - it is safe for TRADING on bitfinex. But avoid holding anything there, and be aware that Tether is NOT a USD.

No, for those who not know what is bitfinxe; bitfinex is an opaque cryptocurrency exchange trading and currency storage platform based out Taiwan founded, 2014. There are one of the biggest bitcoin exchange which holds 10% of tradings in the market. There performance leads them to increase their popularity in this industry. Somehow it’s not advisable for some investor to deal with this company. On 2016 because of their poor security, the system was hacked and over seventy two million dollars in bitcoin was stolen from its customer. From this type of record its better not to take the risk because it may happen again. Prevention is better than to cure.